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Current Account Agreement

Current Account Agreement Template for Germany

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Key Requirements PROMPT example:

Current Account Agreement

"I need a Current Account Agreement for a digital-only retail bank launching in Germany in March 2025, with emphasis on online banking services, mobile payments, and simplified customer onboarding processes while ensuring full compliance with German banking regulations."

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Document background
The Current Account Agreement serves as the foundational document establishing the legal relationship between financial institutions and their customers in Germany. This document is essential when opening any current account and must comply with strict German banking regulations, including the Banking Act (KWG), Payment Services Supervision Act (ZAG), and consumer protection laws. It outlines critical aspects such as account operations, payment services, fees, customer identification requirements, data protection measures, and termination rights. The agreement is designed to protect both the bank's interests and customer rights while ensuring transparency and regulatory compliance in the German banking sector.
Suggested Sections

1. Parties: Identification of the bank and the account holder(s), including full legal names and addresses

2. Background: Brief context explaining the purpose of the agreement for opening and maintaining a current account

3. Definitions: Key terms used throughout the agreement, including banking-specific terminology

4. Account Services: Core services provided with the current account, including payments, transfers, and account maintenance

5. Account Operation: Rules for operating the account, including deposits, withdrawals, and authorization requirements

6. Duties and Obligations: Responsibilities of both the bank and the account holder

7. Fees and Charges: Structure and application of account fees, charges, and interest rates

8. Communications: Methods and requirements for communications between the bank and account holder

9. Account Statements: Frequency, format, and verification of account statements

10. Security and Access: Security measures, online banking access, and authentication requirements

11. Data Protection: Handling of personal data in compliance with GDPR/DSGVO

12. Term and Termination: Duration of the agreement and conditions for termination

13. Changes to the Agreement: Process for modifying terms and conditions

14. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution

Optional Sections

1. Overdraft Facility: Terms for overdraft services, if offered with the account

2. Joint Account Provisions: Additional terms for accounts with multiple holders

3. Corporate Account Provisions: Specific terms for business customers

4. International Payments: Terms for cross-border transactions and foreign currency services

5. Special Services: Additional banking services like standing orders or direct debits

6. Digital Banking Services: Specific terms for mobile and online banking services

7. Card Services: Terms for debit cards and other payment cards linked to the account

Suggested Schedules

1. Schedule 1: Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Schedule 2: Interest Rates: Current interest rates for credit and debit balances

3. Schedule 3: Cut-off Times: Processing times and cut-off times for various transaction types

4. Schedule 4: Online Banking Terms: Detailed terms and conditions for online banking services

5. Appendix A: Data Privacy Notice: Detailed information about data processing and privacy rights

6. Appendix B: Security Procedures: Detailed security protocols and requirements

7. Appendix C: Special Conditions: Additional terms for specific services or customer categories

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Account Holder
Account Information Service Provider
Account Statement
Authorized Person
Banking Business Day
Basic Account Services
BIC (Bank Identifier Code)
Business Hours
Card
Cut-off Time
Direct Debit
Durable Medium
Electronic Banking Services
Fees Schedule
IBAN
Interest Rate
Joint Account
Online Banking
Overdraft Facility
Payment Instrument
Payment Order
Payment Services
Payment Services Provider
PIN
Reference Interest Rate
SEPA
Standing Order
Strong Customer Authentication
TANs (Transaction Authentication Numbers)
Terms and Conditions
Third Party Provider
Transaction
Unique Identifier
Value Date
Bank Working Day
Security Credentials
Authentication Method
Credit Balance
Debit Balance
Payment Transaction
Reference Exchange Rate
Specimen Signature
Digital Banking
Clauses
Identification and Authentication
Account Operation
Payment Services
Fees and Charges
Interest
Customer Due Diligence
Data Protection
Confidentiality
Security
Online Banking
Authorization
Liability
Amendment
Termination
Force Majeure
Communications
Complaints
Dispute Resolution
Governing Law
Jurisdiction
Assignment
Severability
Entire Agreement
Notice
Anti-Money Laundering
Consumer Protection
Account Statements
Set-off
Third Party Rights
Digital Services
Compliance
Information Obligations
Service Interruption
Documentation Requirements
Relevant Industries

Banking

Financial Services

Retail Banking

Corporate Banking

FinTech

Payment Services

Professional Services

All Commercial Sectors (as users)

Relevant Teams

Legal

Compliance

Banking Operations

Customer Service

Product Development

Risk Management

Data Protection

Branch Operations

Treasury

Corporate Banking

Retail Banking

Regulatory Affairs

Relevant Roles

Legal Counsel

Compliance Officer

Banking Operations Manager

Account Manager

Customer Service Representative

Financial Services Director

Regulatory Affairs Manager

Product Manager - Current Accounts

Risk Manager

Data Protection Officer

Branch Manager

Treasury Manager

Corporate Banking Officer

Retail Banking Manager

Industries
German Civil Code (Bürgerliches Gesetzbuch - BGB): Provides the fundamental legal framework for contracts, including general terms and conditions (§§ 305-310 BGB), contract formation, and obligations between parties
German Banking Act (Kreditwesengesetz - KWG): Regulates banking business and financial services, including requirements for operating current accounts and banking licenses
Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz - ZAG): Governs payment services and electronic money, including regulations for payment transactions and account access
German Money Laundering Act (Geldwäschegesetz - GwG): Stipulates requirements for customer due diligence, account monitoring, and reporting obligations for financial institutions
General Data Protection Regulation (GDPR/DSGVO): Regulates the processing of personal data, including requirements for data collection, storage, and customer rights regarding their personal information
Price Information Regulation (Preisangabenverordnung - PAngV): Regulates how banks must display and communicate prices and fees to customers
German Consumer Protection Act (Verbraucherschutzrecht): Provides specific protections for consumers in financial services, including information requirements and right of withdrawal
Distance Financial Services Act (Fernabsatzrecht für Finanzdienstleistungen): Governs contracts concluded at a distance, including specific information requirements and cancellation rights
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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